Indonesia: OECD report - tackling backdoor listings

The OECD has published a report titled Improving Corporate Governance in Indonesia - Policy Options and Regulatory Strategies for Tackling Backdoor Listings: see here. The report identifies four regulatory strategies, for the attention of policymakers in Indonesia, to help improve listing and corporate governance standards.

South Africa: introducing the twin peaks financial regulatory framework - an update

The National Treasury has provided an update on the introduction of the twin peaks financial regulatory framework: see here (pdf). Legislation - the Financial Sector Regulation Bill (here, pdf) - is already before Parliament (its progress can be followed here). Revisions are proposed and are shown in an annotated copy of the Bill available here (pdf). An impact study has also been published: see here (pdf). Regulations concerning the over-the-counter derivatives market have also been published: see here. Further background information is available here.

FSB peer review - implementation of the G20/OECD Corporate Governance Principles

The Financial Stability Board has begun a peer review concerning the implementation by FSB member jurisdictions of the G20/OECD Principles of Corporate Governance: see here. Views are being sought on the scope of the review and should be sent to fsb@fsb.org by 9 September.

Ireland: the removal of a liquidator by the court

The Court of Appeal (Finlay Geoghegan, Irvine and Hogan JJ) gave judgment at the end of last month in Revenue Commissioners v Fitzpatrick [2016] IECA 228 (on appeal from [2015] IEHC 477). The judgment, which draws heavily upon English authorities, is now the leading Irish authority on the court's power to remove a liquidator from office (under section 277 of the Companies Act 1963 or section 638 of the Companies Act 2014). Irvine J noted, in particular (at para. [61]):

I fully accept that the removal of a liquidator is a serious matter for any court and the relief should not to be granted lightly. In particular, I would endorse the sentiments expressed by Neuberger J. in AMP Music Box Enterprises Ltd [2003] 1 BCLC 319 that the Court should not remove a liquidator merely because it can be shown that in one or possibly more than one respect his conduct has fallen short of the ideal"

UK: High Pay Centre report on FTSE100 CEO pay

The High Pay Centre today published its annual survey of FTSE100 CEO pay: see here (pdf). Average (mean) pay is reported at £5.480 million (up from £4.964 million the year before). The increase in median CEO pay was smaller: up from £3.873 million to £3.973 million.